Capital Region Economic Development Council Submits 2018 Progress Report

The Capital Region Economic Development Council (CREDC) today announced it recently submitted its 2018 Progress Report – entitled Capital Region CREATES – to New York State to meet the October 1 deadline.  The progress report details the council’s achievements in implementing its strategic plan and reflects the Capital Region’s progress on efforts to ensure sustainable and long-term growth in the eight-county region and to leverage the region’s advantages in key industry sectors, including high-tech manufacturing, life sciences and the creative eonomy.

In furtherance of these goals, strategies and initiatives, the report recommends 22 priority projects to advance the region’s growth objectives. These projects represent a total proposed state investment of at least $36 million, leveraging $182 million in private and other funding for total project expenses of more than $218 million. Collectively, these priority projects would support the creation of 665 new jobs, 1,115 indirect jobs, the retention of 1,462 existing jobs.

Detailed information about the CREDC’s 2018 endorsed priority projects is available in the progress report at www.regionalcouncils.ny.gov/capital-region.

Ruth Mahoney, CREDC Co-Chair and KeyBank Market President, said, “The progress report provides both a detail of the region’s projects and a snapshot of our economic performance. It shows that we are a region of growth, innovation and cultural richness, and it shows how the projects supported by the CREDC are impacting the full range of our communities–from our largest urban centers to rural agricultural districts. The projects detailed for 2018 will not only support job growth and economic opportunity, but they will also reinforce and strengthen the Capital Region’s reputation a great place to live, work, learn, and play.”

Dr. Havidán Rodríguez, CREDC Co-Chair and University at Albany President, said, “This year’s proposed projects will build on past success to support further economic growth across the region. With mixed-use development in underserved areas, investments in sustainable infrastructure, and targeted workforce development proposals, these priority projects will continue the Council’s track record of investments that catalyze a better way of life in communities across the eight counties of our region.”

Round VIII of the REDC initiative will award more than $750 million in state funding and tax incentives, including up to $150 million in capital grants and up to $75 million in Excelsior Tax Credits for projects and activities identified by the Councils as regional priorities in their communities. Additionally, over $525 million from state agency programs will be awarded through the CFA process.  Funding awards will be announced by the end of the year.

The REDC process has transformed New York State government’s approach economic development, creating a statewide framework for bottom-up, regional economic growth and streamlining the state funding application process.  Since 2011, the first year of the initiative, over $5.4 billion has been awarded to more than 6,300 projects that are projected to create and retain more than 220,000 jobs statewide.

 

2018 REDC Competition
In 2018, all 10 REDCs will be competing for a designation as a Top Performer. Five Top Performers will be selected and will receive up to $20 million in Empire State Development Capital Grant funding, with the remaining five regions receiving up to $10 million in Empire State Development Capital Grant funding.  Each region will also receive $10 million to implement projects identified through the Downtown Revitalization Initiative, and projects from all 10 regions submitted through the CFA will be eligible for over $525 million in other state agency funds.

About the Consolidated Funding Application
As part of Governor Cuomo’s efforts to improve the state’s economic development model, a NYS Consolidated Funding Application (CFA) was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs. The CFA serves as the single entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive. To access the CFA, please visit https://apps.cio.ny.gov/apps/cfa/.

About the Regional Economic Development Councils
The Regional Economic Development Council (REDC) initiative is a key component of Governor Cuomo’s approach to State investment and economic development. In 2011, Governor Cuomo established 10 Regional Councils to develop long-term strategic plans for economic growth for their regions. The Councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and non-governmental organizations. The Regional Councils have redefined the way New York invests in jobs and economic growth by putting in place a community-based, bottom up approach and establishing a competitive process for State resources.  After seven rounds of the REDC process, over $5.4 billion has been awarded to job creation and community development projects consistent with each region’s strategic plans, projecting to create and retain more than 220,000 jobs. For more information on the Regional Councils, visit www.regionalcouncils.ny.gov.

 

 

3 Priority Projects from Columbia County Listed in the CREDC Progress Report: 

(see pages 58-59)

 

Red Barn

RED BARN HUDSON, encompassing a year round Farm & Flea marketplace, a full-service restaurant + grab & go cafe, will be a new destination for Hudson in the heart of the DRI District, showcasing + celebrating Hudson Valley talent + creativity, + serving as a gateway to the broader region. Directly across from Amtrak (3rd busiest NYS station) + the first sight visitors will see, RBH will be a dynamic, year-round creative hub, to encourage new + repeat visitors to Hudson/the region all year long. RBH will act as a welcome center + a vital gateway to the region: a creative hub of makers, collectors, chefs + farmers, expanding tourism by introducing visitors to the bounty of the region, building interest that will lead visitors out into the broader region, + facilitating a broad experience. With Hudson Farm & Flea (developed in collaboration with Basilica Hudson + inspired by Basilica Farm & Flea that welcome 20K visitors to Hudson each year for 2 events) plus a 50-seat restaurant w/ outdoor courtyard seating area + event space, + a grab & go market, selling quick bites/reading materials for train travelers + quick meals for shoppers.

 

Kite’s Nest

NBRP is a community-based, youth-centered approach to sustainable placemaking and neighborhood development, developing infrastructure for Kite’s Nest education and employment programs, and green space and connectivity in Hudson’s low-income 2nd ward. The full project scope includes:- An Urban Environmental Education & Youth Arts Center facility, for education and youth employment programs- Developed public park space and outdoor facilities, expanded community garden and greenhouse, and greenway connections to adjacent parks and trails Deliverables:  – Design/construction of a 2,500 sq.ft facility- Design/development of public park space that includes on-site paths, expanded community garden and other outdoor amenities Outcomes:- Infrastructure for education programs, job training, and employment for those impacted by poverty & unemployment- Publicly accessible park space and outdoor facilities in an area of industrial use & low-income housing- Community garden space for low-income families- Connectivity to the waterfront and public land (parks and trails)- Streetscape upgrades and beautification- Sustainable development in the economically distressed 2nd Ward neighborhood

 

Hudson Valley Fish Farm

Established in 2015, Hudson Valley Fish Farms (HVFF) is North America’s largest, commercial scale, indoor Steelhead Trout farm. HVFF’s goal has been to develop & demonstrate sustainable practices in both aquaculture & agriculture. In 2018, HVFF began developing agricultural facilities for industrial hemp cultivation. This facilities will include Seedling, Cloning, Grow-out, harvest and oil extraction operations. This will be the first commercial scale, aquaponic industrial hemp greenhouse in NYS. This facility provides several, significant advantages: Better operation efficiencies through use of aquaponic nutrients for both reduced costs & improved growth Products can be certified organic Year round production HVFF is seeking funding for a new, advanced 80,000 sq ft greenhouse scheduled for a 2019 expansion. This phase is projected to have a total build cost of $13,000,000. HVFF is raising $10,400,000 & will seek the additional $2,600,000 with this grant request. This phase will add an additional 12 FT permanent jobs in the first 5 years of the project & will have approximately 10 construction personnel employed directly by the GC for the initial build.